Question 1

What happens if my San Carlos home doesn't sell in time?

Accepted Answer

Most bridge loans extend 3-6 months for a fee. You can also refinance into a traditional mortgage on the new property before the bridge term ends.

Question 2

Can I get a bridge loan with a pending offer on my current home?

Accepted Answer

Yes. Lenders give better terms when you have a ratified contract. Some waive reserves if your sale closes within 60 days of the bridge funding.

Question 3

Do bridge loans work for investment properties in San Carlos?

Accepted Answer

Yes, but rates run 1-2% higher. Lenders want to see rental income or significant reserves. The same equity requirements apply.

Question 4

How much can I borrow with a bridge loan?

Accepted Answer

Most lenders go to 80% combined loan-to-value across both properties. Your borrowing limit depends on equity in your current home and the new purchase price.

Question 5

Are bridge loan payments tax-deductible?

Accepted Answer

Interest on purchase money is deductible up to IRS limits. Consult your tax advisor. The deduction structure mirrors traditional mortgage interest rules.

Bridge Loans in San Carlos: Fast Financing Between Home Purchases